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U.S. federalism and domestic institutional arrangements A given country is federal when both of its national and sub-national governments exercise separa

Fed Chair Jay Powell suggests that the recent surge in U.S. business debt poses moderate risks to the economy. Many corporate treasuries now carry about 40%

Internal capital markets and financial constraints Duchin (JF 2010) empirically finds that multidivisional firms with robust internal capital markets ret

It can be practical for the U.S. to impose the 2% wealth tax on the rich. Democratic Senator Elizabeth Warren proposes a 2% wealth tax on the richest Americ

Federal Reserve Chair Jerome Powell announces the monetary policy decision to lower the federal funds rate by a quarter point to 2%-2.25%. This interest rat

Thomas Philippon draws attention to greater antitrust scrutiny in light of the rise of market power and its economic ripple effects. Thomas Philippon (20